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Business trends

India and China emerging as startup hot spots

Silicon Valley is not the only game in town

India's ANI Technologies, operator of the Ola ride-hailing app, recently received a total of $1.1 billion in funding from Tencent Holdings, SoftBank Group and U.S. investors.

MUMBAI -- Investment in Indian startups reached a record high in 2017 amid bigger investments in promising young companies, another sign of Asia's growing prominence in the venture capital world.

A total of $17.6 billion was invested in nonpublic Indian companies in the nine months through September, beating the full-year record of $17.3 billion set in 2015, according to Venture Intelligence, a research arm of India's TSJ Media. The total for all of 2017 could top $20 billion.

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